'Cdparanoia' will not play to sound cards (you can always pipe the
output to a WAV player), do MD5 signatures, read CD catalog or serial
numbers (this *is* a feature I plan to add), search indexes, do rate
reduction (use Sox, Ogg or a million others), or generally make use of
the maximum speed available from a CDROM drive.

If your CDROM drive is *not* prone to jitter and you don't have
scratched discs to worry about, you might want to look at the original
cdda2wav for
features cdparanoia does not have. Keep in mind however that even the
really good drives do occasionally stumble. I know of at least one
cdparanoia user who insists on using full paranoia with his Plextor
UltraPlex because it once botched a single sector from a rip; he'd already
burned the track to several CD-Rs before noticing...